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Control Valve Market Worth $11.3 Billion By 2025 With A Growing Cagr Of 5.9%
According to the new market research report, “Control Valve Market by Material, Component (Actuators, Valve Body), Valve Size, Valve Type (Rotary and Linear), Industry (Oil & Gas, Water & Wastewater Treatment, Energy & Power, Chemicals), and Region - Global Forecast to 2025” the control valve market is estimated to grow from USD 8.0 billion in 2019 to USD 11.3 billion by 2025, at a CAGR of 5.9%. Rising demand for energy in APAC, increasing adoption of valves in oil & gas production-related firms in GCC countries, growing need for the connected network to maintain and monitor various equipment in plants, and surging focus on establishing new nuclear plants and upscaling of existing ones are the key driving factors for the control valve market.
Oil & Gas to account for the largest size of the control valve market from 2019 to 2025
Oil & gas is expected to be the key end-user industry for the control valve market. In oil & gas process plants, there are three major process operations—upstream, midstream, and downstream, and control valves find applications in all three operations.
Control valves provide process control support, right from the extraction of crude oil till it reaches to the end customers through oil refineries, oil terminals, and depots. They have become key components in the offshore and onshore oil and gas production owing to the high pressure and adverse corrosive conditions experienced within production plants and refineries.
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Actuators to account for the largest size of the control valve market from 2019 to 2025
Actuators is expected to hold the largest share of the control valve market during the forecast period, owing to the growing demand for control valves from heavy industries such as oil & gas, energy & power, water & wastewater treatment, chemicals, and other general industries such as pulp & paper, textiles, and agriculture. This growth of the market in actuators can be attributed to the introduction of the Internet of Things (IoT) and automation tools for increasing efficiency of the process.
North America to hold the largest share of the control valve market from 2019 to 2025
North America held the largest share of the overall control valve market in 2018, and APAC is likely to exhibit the highest CAGR during the forecast period. The natural gas market in North America is interconnected closely through pipelines; the North American government focuses on natural gas usage for power generation, which, in turn, is projected to fuel the demand for control valves for the energy & power industry in the near future. Also, growing investments in process and non-process industries are driving the North American control valve market growth.
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Emerson Electric Co. (US), Flowserve Corporation (US), Cameron (A Schlumberger Company) (US), IMI PLC (UK), and Metso (Finland) are a few of the key players operating in the control valve market.
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